March 10, 2026: WSJ: IEA Proposes Record Oil Release, Hormuz Confusion, More
episodePreviously titled “WSJ: IEA Proposes Record Oil Release, Hormuz Confusion, More” — renamed by the publisher on Aug 2, 2026
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Find us on Apple, Spotify, or anywhere you listen. News when you want it with Bloomberg News Now, I'm Doug Krisner. Volatility in oil prices continues to dominate market psychology and headline risk is high. Now we are learning the International Energy Agency has reportedly proposed the largest release of oil reserves in its history. Obviously, the aim would be to bring down crude prices that have soared during the U.S.-Israeli war with Iran. The Wall Street Journal reports the release would exceed 182 million barrels. Here is Bloomberg's Rongwei Neo.
would only be a temporary solution to what's going on in the disruption in the Strait of Hormuz. But more importantly, I think the fact that the IEA, the G7 nations are kind of deliberating and considering its largest ever release bears weight and shows how significant the disruption in the Middle East and the Strait of Hormuz has been.
That is Bloomberg's Rongwei Niu. Now, earlier in the day, the oil market was buffeted by some confusion over whether the U.S. Navy escorted an oil tanker through the Strait of Hormuz. Energy Secretary Chris Wright claimed that was the case in a post on social media. Later, however, that post on X was deleted. Then, in a briefing with reporters, White House Press Secretary Caroline Leavitt said the U.S. did not escort any oil tanker through the Strait.
I was made aware of this post. I haven't had a chance to talk to the energy secretary about it directly. However, I know the post was taken down pretty quickly, and I can confirm that the U.S. Navy has not escorted a tanker or a vessel at this time, though, of course, that's an option. The president has said he will absolutely utilize if and when necessary at the appropriate time.
That was White House Press Secretary Caroline Leavitt. Separately, CNN reported Iran began laying mines in the Strait of Hormuz, and in response, President Trump said that if mines were placed and not removed, there would be military consequences for Iran. And then later, the U.S. Central Command said American forces eliminated 16 Iranian mine-laying boats and other vessels near the Strait of Hormuz. Meantime, U.S. officials have signaled little chance of diplomatic talks with Iran.
What recent developments are impacting oil prices?
The Pentagon says it will not relent until the enemy is totally and decisively defeated. Here is Defense Secretary Pete Hegseth.
This is not endless. It's not protracted. We're not allowing mission creep. The president has set a very specific mission to accomplish, and our job is to unrelentingly deliver that. Now, he gets to control the throttling.
Defense Secretary Pete Hegseth speaking earlier at a reporter briefing. And separately, the Pentagon said about 140 service members have been wounded in the war, and now U.S.
What is the significance of the IEA's proposed oil release?
lawmakers are showing a deep partisan divide. Here is Democratic Senator Richard Blumenthal speaking after a briefing with Pentagon officials.
I guess I am most concerned about the threat to American lives of potentially deploying our sons and daughters on the ground in Iran. We seem to be on a path toward deploying American troops on the ground in Iran to accomplish any of the potential objectives here.
That is Democratic Senator Richard Blumenthal of Connecticut. After the bell, Oracle posted quarterly cloud revenue above estimates, and the company also projected strong sales for fiscal 2027. And we got reaction from Anurag Rana of Bloomberg Intelligence.
It's actually very clean numbers. I think the thing that sticks out most is capital expenditure is not going to go up. I think people are worried about a lot of these cloud providers adding to CapEx.
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